I don't know if there ever was a v1.2 released publicly; this is the only photo of the PDU I have seen.
I get that the capacitor smooths out voltage but this board is being connected to a highly regulated power supply. Are the tiny capacitors here having any meaningful effect compared to the PSU itself. ATX PSU should be able to handle pretty significant changes in current and keep the voltage stable.
Anyone know if there is a board diagram for the PDU available?
I think the idea is that all of the PSU wires and Molex pins can end up adding a fair bit of resistance to the circuit, and that a sudden spike in current demand can cause the supplied voltage to drop at the load.
By locating caps on the PDU board, they can help smooth out some of those big spikes and ease the load on the PSU wires/pins. Then again there's caps on the modules, and I think on the backplane too. I don't know why those couldn't do the job just as well/better.
They don't look like very big caps. My fancy Antec 1200W "PowerCache" PSU has 2200uf caps on the ends of its cables that are way bigger.
I have some blank Avalon PDU PCBs here that I obtained from BlackArrow. I'll try and take some nice photos of one sometime.